Industry News

June existing home sales down 11.4% to 2002 levels

With slower sales pace, inventory remains at 8.8 months

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Sales of existing homes fell 11.4 percent in June compared to a year ago, to a seasonally adjusted annual rate of 5.75 million homes, the National Association of Realtors reported today. The last time home sales dipped below that pace was November, 2002, when the rate was 5.73 million homes per year. In 2005, at the height of the housing boom, sales of existing homes hit 7.08 million. The drop in June sales from last year was even more drastic in the West (19.1 percent) but fell less sharply in the Northeast (7.3 percent) and Midwest (8.1 percent). The decline in sales in Southern states from June 2006 to June 2007 matched the national average, 11.4 percent. The only upsides in the latest numbers were a decline in housing inventory and a "modest gain" in home prices, said NAR Senior Economist Lawrence Yun in a statement. Total housing inventory fell 4.2 percent at the end of June, to 4.2 million existing homes available for sale. At $230,100, the median sales price of existing homes...